Ethereum Drops To Under $200 Amid SEC Suspension. Ethereum has fallen below the $200 total for the first time in more than a year. The currency has been hanging around that total and has been closer to around $195 in recent time, a point that is among the lowest that the currency has reached in a while.
The drop marks the first time since July of last year that Ethereum had been this low in value. The currency has been falling in value as there are struggles involved with the currency trying to get up in value once again.
The currency’s decline has been extensive in the past month. The token was worth $320 during the early part of August but has experienced a substantial drop in its value in the past week. The currency lost near $50 per token in one day recently.
The drop has caused Ethereum’s value to become weak. The market cap for the currency has dropped to $20 billion. While it is still the second-most valuable currency on the market, the value is still about twice the total of XRP, the next currency on the list.
SEC Issues Are a Concern
A vital point about the decline of Ethereum comes from the recent decision by the SEC to suspend trading in Ethereum produced and other things relating to many major cryptocurrencies. The Ether and Bitcoin Tracker One securities were both suspended by the SEC. They were suspended amid concerns of some marketing materials that were incorrectly promoting these as exchange-traded funds.
The two funds are based out of Stockholm and have been traded on the city’s stock exchange. This is listed in NASDAQ as a part of the Nordic exchanges offered by the system.
There have been hopes among those in the currency field that the SEC would allow for a cryptocurrency ETF to be made available in the coming year. However, there have been many outright rejections for getting an ETF ready in the past year. These include some postponement of some of the other efforts that have been utilized in recent time.
The newest change to the value of Ethereum comes as the currency has been unable to go forward in value. The currency was available for $1,000 at the start of the calendar year. But like with many other currencies, Ethereum has been unable to keep up a decent value. This has led to the currency losing hundreds of dollars.
The currency has been dropping in value since the early part of May. It had been at $800 at the time, but the currency has experienced a drop in value with much consistently and hardly any positive rallies involved.
The daily trading volume for the currency has been consistent throughout much of recent time. The trading volume had been listed at around $2 billion for each daily period. The suggestion here is that the market is not positive about the currency and is not willing to move forward with it as well as people have hoped. The SEC issues have particularly hurt the chances for the currency to grow and move forward.Advertisement